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tboy

Why Does It Take So Long To Close?

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Agreed on a house to buy a couple months ago, no chains involved, survey done quickly, financing immediately in place, everyone wants to move quickly. A modern house so wouldn't have thought any issues would come up re: survey or searches and that proved to be the case. Yet it just drags on and on, seems like lawyers at both sides just take forever to send documents, get things done, etc etc.

I have read all the stories about this before, but really thought my case would be different and I could go from start to finish in maybe 3 weeks. All I can think is that lawyers are well trained to not hurry anything up to maximize fees (though its fixed fees in my case)...

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Agreed on a house to buy a couple months ago, no chains involved, survey done quickly, financing immediately in place, everyone wants to move quickly. A modern house so wouldn't have thought any issues would come up re: survey or searches and that proved to be the case. Yet it just drags on and on, seems like lawyers at both sides just take forever to send documents, get things done, etc etc.

I have read all the stories about this before, but really thought my case would be different and I could go from start to finish in maybe 3 weeks. All I can think is that lawyers are well trained to not hurry anything up to maximize fees (though its fixed fees in my case)...

It's very often the slow financial institutions who fail to send out the ACTUAL mortgage docs which the solicitor can use and say to the vendor sols they are ready to exchange contracts. Lots of searches etc are done online now, so much quicker than before. With fixed fees, solicitors do not have any incentive to drag it on. In fact they are incredibly cheap in this country for conveyancing. Try any other developed country price and you'll fall off your perch. Look at the estate agent fee and compare...

However, lots of solicitors do not chase things up and can be guilty of waiting for somone else to send them something. So always worth calling once a week to query the reasons for holdup and politely ask they follow it up for you and email the result. That way, they will bother with you, but not see you as a nuisance persisitent caller.

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Agreed on a house to buy a couple months ago, no chains involved, survey done quickly, financing immediately in place, everyone wants to move quickly. A modern house so wouldn't have thought any issues would come up re: survey or searches and that proved to be the case. Yet it just drags on and on, seems like lawyers at both sides just take forever to send documents, get things done, etc etc.

I have read all the stories about this before, but really thought my case would be different and I could go from start to finish in maybe 3 weeks. All I can think is that lawyers are well trained to not hurry anything up to maximize fees (though its fixed fees in my case)...

Some solicitors are just really crap at turning docs around. Plus each solr. blames the other.

One way of breaking the logjam (althoughh solrs hate this), is to progress chase each document on a day by day basis.

eg:

Buyer : "Where are we now re. the exchange of contracts?"

Own solr: "We are waiting for solr.B to reply to my letter dated ... etc."

Buyer: " Shall I phone solr B up direct and chase him?"

Own solr: "No - you'd better not. I'll email him later today" (note: If he says "I'll write to him", then this isn't acceptable)

Buyer: "OK - I'll phone you tomorrow to see if he's responded.

and so on.

Neve assume that it's always the other solr at fault - your own is just as likely. I've offered to HAND-DELIVER documents on occasions to break the logjam in the past. I've only actually carried my threat twice, and that was in the days before email. There's absultely no excuse nowadays, and I have exchanged in 7 days once when up against reallt stiff competition - ferrying documents won the day on that occasion !

Be proactive.

:)

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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